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v3.23.3

Segment Information (Tables) | 12 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Reporting segment results | Financial information relating to the Company’s reporting segments is as follows:
|  | September 30, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,920.2 |  |  | $ | 136.1 |  |  | $ | 616.0 |  |  | $ | 189.1 |  |  | $ | 12.2 |  |  | $ | 3,873.6 |
Restricted cash |  | 6.5 |  |  | 3.3 |  |  | — |  |  | 16.7 |  |  | — |  |  | 26.5 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 9,134.3 |  |  | — |  |  | — |  |  | — |  |  | (132.9) |  |  | 9,001.4 |
Residential land and lots — developed and under development |  | 8,992.3 |  |  | — |  |  | 1,760.8 |  |  | — |  |  | (131.2) |  |  | 10,621.9 |
Land held for development |  | 20.5 |  |  | — |  |  | 29.5 |  |  | — |  |  | — |  |  | 50.0 |
Land held for sale |  | 8.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.7 |
Rental properties |  | — |  |  | 2,708.4 |  |  | — |  |  | — |  |  | (17.1) |  |  | 2,691.3 |
|  | 18,155.8 |  |  | 2,708.4 |  |  | 1,790.3 |  |  | — |  |  | (281.2) |  |  | 22,373.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,519.9 |  |  | — |  |  | 2,519.9 |
Deferred income taxes, net |  | 229.8 |  |  | (19.9) |  |  | — |  |  | — |  |  | (22.7) |  |  | 187.2 |
Property and equipment, net |  | 415.0 |  |  | 2.4 |  |  | 5.9 |  |  | 4.1 |  |  | 18.0 |  |  | 445.4 |
Other assets |  | 2,838.5 |  |  | 29.8 |  |  | 58.5 |  |  | 250.3 |  |  | (184.1) |  |  | 2,993.0 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 24,700.1 |  |  | $ | 2,860.1 |  |  | $ | 2,470.7 |  |  | $ | 2,980.1 |  |  | $ | (428.6) |  |  | $ | 32,582.4 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,033.7 |  |  | $ | 698.6 |  |  | $ | 68.4 |  |  | $ | 0.1 |  |  | $ | (554.6) |  |  | $ | 1,246.2 |
Accrued expenses and other liabilities |  | 2,585.5 |  |  | 43.2 |  |  | 337.4 |  |  | 280.4 |  |  | (142.7) |  |  | 3,103.8 |
Notes payable |  | 2,329.9 |  |  | 400.0 |  |  | 695.0 |  |  | 1,669.6 |  |  | — |  |  | 5,094.5 |
|  | $ | 5,949.1 |  |  | $ | 1,141.8 |  |  | $ | 1,100.8 |  |  | $ | 1,950.1 |  |  | $ | (697.3) |  |  | $ | 9,444.5 |
_____________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.
|  | September 30, 2022
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,040.7 |  |  | $ | 109.9 |  |  | $ | 264.8 |  |  | $ | 103.3 |  |  | $ | 21.8 |  |  | $ | 2,540.5 |
Restricted cash |  | 11.3 |  |  | 1.4 |  |  | — |  |  | 19.7 |  |  | — |  |  | 32.4 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 9,951.5 |  |  | — |  |  | — |  |  | — |  |  | (153.3) |  |  | 9,798.2 |
Residential land and lots — developed and under development |  | 7,322.5 |  |  | — |  |  | 1,932.6 |  |  | — |  |  | (82.0) |  |  | 9,173.1 |
Land held for development |  | 21.0 |  |  | — |  |  | 89.8 |  |  | — |  |  | — |  |  | 110.8 |
Land held for sale |  | 29.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29.4 |
Rental properties |  | — |  |  | 2,572.1 |  |  | — |  |  | — |  |  | (27.9) |  |  | 2,544.2 |
|  | 17,324.4 |  |  | 2,572.1 |  |  | 2,022.4 |  |  | — |  |  | (263.2) |  |  | 21,655.7 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,386.0 |  |  | — |  |  | 2,386.0 |
Deferred income taxes, net |  | 146.3 |  |  | (7.1) |  |  | — |  |  | — |  |  | 1.9 |  |  | 141.1 |
Property and equipment, net |  | 361.8 |  |  | 2.0 |  |  | 5.7 |  |  | 4.3 |  |  | 97.8 |  |  | 471.6 |
Other assets |  | 2,266.5 |  |  | 18.4 |  |  | 50.1 |  |  | 492.5 |  |  | 132.8 |  |  | 2,960.3 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 22,285.3 |  |  | $ | 2,696.7 |  |  | $ | 2,343.0 |  |  | $ | 3,005.8 |  |  | $ | 20.3 |  |  | $ | 30,351.1 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,149.1 |  |  | $ | 233.6 |  |  | $ | 72.2 |  |  | $ | 0.2 |  |  | $ | (94.8) |  |  | $ | 1,360.3 |
Accrued expenses and other liabilities |  | 2,365.7 |  |  | 25.0 |  |  | 365.4 |  |  | 596.2 |  |  | (214.0) |  |  | 3,138.3 |
Notes payable |  | 2,942.6 |  |  | 800.0 |  |  | 706.0 |  |  | 1,618.3 |  |  | — |  |  | 6,066.9 |
|  | $ | 6,457.4 |  |  | $ | 1,058.6 |  |  | $ | 1,143.6 |  |  | $ | 2,214.7 |  |  | $ | (308.8) |  |  | $ | 10,565.5 |
_____________ (1)Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments.
|  | Year Ended September 30, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 31,641.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,641.0 |
Land/lot sales and other |  | 102.2 |  |  | — |  |  | 1,436.9 |  |  | — |  |  | (1,126.7) |  |  | 412.4 |
Rental property sales |  | — |  |  | 2,605.5 |  |  | — |  |  | — |  |  | — |  |  | 2,605.5 |
Financial services |  | — |  |  | — |  |  | — |  |  | 801.5 |  |  | — |  |  | 801.5 |
|  | 31,743.2 |  |  | 2,605.5 |  |  | 1,436.9 |  |  | 801.5 |  |  | (1,126.7) |  |  | 35,460.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 24,201.3 |  |  | — |  |  | — |  |  | — |  |  | (248.5) |  |  | 23,952.8 |
Land/lot sales and other |  | 53.8 |  |  | — |  |  | 1,108.9 |  |  | — |  |  | (959.9) |  |  | 202.8 |
Rental property sales |  | — |  |  | 1,886.8 |  |  | — |  |  | — |  |  | (12.7) |  |  | 1,874.1 |
Inventory and land option charges |  | 60.7 |  |  | 6.7 |  |  | 24.0 |  |  | — |  |  | (11.1) |  |  | 80.3 |
|  | 24,315.8 |  |  | 1,893.5 |  |  | 1,132.9 |  |  | — |  |  | (1,232.2) |  |  | 26,110.0 |
Selling, general and administrative expense |  | 2,239.9 |  |  | 290.2 |  |  | 97.7 |  |  | 594.9 |  |  | 26.1 |  |  | 3,248.8 |
Other (income) expense |  | (78.8) |  |  | (102.4) |  |  | (15.3) |  |  | (76.7) |  |  | 60.1 |  |  | (213.1) |
Income before income taxes |  | $ | 5,266.3 |  |  | $ | 524.2 |  |  | $ | 221.6 |  |  | $ | 283.3 |  |  | $ | 19.3 |  |  | $ | 6,314.7 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 64.0 |  |  | $ | 2.4 |  |  | $ | 3.0 |  |  | $ | 2.1 |  |  | $ | 20.1 |  |  | $ | 91.6 |
Cash provided by operating activities |  | $ | 3,078.4 |  |  | $ | 739.2 |  |  | $ | 364.1 |  |  | $ | 13.2 |  |  | $ | 109.2 |  |  | $ | 4,304.1 |
_____________ (1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
|  | Year Ended September 30, 2022
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 31,861.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,861.7 |
Land/lot sales and other |  | 61.4 |  |  | — |  |  | 1,519.1 |  |  | — |  |  | (1,267.4) |  |  | 313.1 |
Rental property sales |  | — |  |  | 510.2 |  |  | — |  |  | — |  |  | — |  |  | 510.2 |
Financial services |  | — |  |  | — |  |  | — |  |  | 795.0 |  |  | — |  |  | 795.0 |
|  | 31,923.1 |  |  | 510.2 |  |  | 1,519.1 |  |  | 795.0 |  |  | (1,267.4) |  |  | 33,480.0 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 22,715.6 |  |  | — |  |  | — |  |  | — |  |  | (197.9) |  |  | 22,517.7 |
Land/lot sales and other |  | 39.1 |  |  | — |  |  | 1,182.7 |  |  | — |  |  | (1,072.3) |  |  | 149.5 |
Rental property sales |  | — |  |  | 243.4 |  |  | — |  |  | — |  |  | (5.1) |  |  | 238.3 |
Inventory and land option charges |  | 57.2 |  |  | 0.8 |  |  | 12.4 |  |  | — |  |  | — |  |  | 70.4 |
|  | 22,811.9 |  |  | 244.2 |  |  | 1,195.1 |  |  | — |  |  | (1,275.3) |  |  | 22,975.9 |
Selling, general and administrative expense |  | 2,186.7 |  |  | 91.1 |  |  | 93.6 |  |  | 547.6 |  |  | 14.7 |  |  | 2,933.7 |
Other (income) expense |  | (16.4) |  |  | (27.1) |  |  | (5.4) |  |  | (43.2) |  |  | 32.8 |  |  | (59.3) |
Income before income taxes |  | $ | 6,940.9 |  |  | $ | 202.0 |  |  | $ | 235.8 |  |  | $ | 290.6 |  |  | $ | (39.6) |  |  | $ | 7,629.7 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 62.5 |  |  | $ | 1.0 |  |  | $ | 2.7 |  |  | $ | 1.9 |  |  | $ | 13.3 |  |  | $ | 81.4 |
Cash provided by (used in) operating activities |  | $ | 1,916.7 |  |  | $ | (1,391.0) |  |  | $ | 108.7 |  |  | $ | (10.5) |  |  | $ | (62.1) |  |  | $ | 561.8 |
_____________ (1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
|  | Year Ended September 30, 2021
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 26,502.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,502.6 |
Land/lot sales and other |  | 75.0 |  |  | — |  |  | 1,325.8 |  |  | — |  |  | (1,188.8) |  |  | 212.0 |
Rental property sales |  | — |  |  | 267.8 |  |  | — |  |  | — |  |  | (31.8) |  |  | 236.0 |
Financial services |  | — |  |  | — |  |  | — |  |  | 823.6 |  |  | — |  |  | 823.6 |
|  | 26,577.6 |  |  | 267.8 |  |  | 1,325.8 |  |  | 823.6 |  |  | (1,220.6) |  |  | 27,774.2 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 19,748.4 |  |  | — |  |  | — |  |  | — |  |  | (140.1) |  |  | 19,608.3 |
Land/lot sales and other |  | 56.2 |  |  | — |  |  | 1,093.6 |  |  | — |  |  | (1,030.5) |  |  | 119.3 |
Rental property sales |  | — |  |  | 160.8 |  |  | — |  |  | — |  |  | (17.8) |  |  | 143.0 |
Inventory and land option charges |  | 24.9 |  |  | 0.7 |  |  | 3.0 |  |  | — |  |  | — |  |  | 28.6 |
|  | 19,829.5 |  |  | 161.5 |  |  | 1,096.6 |  |  | — |  |  | (1,188.4) |  |  | 19,899.2 |
Selling, general and administrative expense |  | 1,945.6 |  |  | 44.6 |  |  | 68.4 |  |  | 488.3 |  |  | 9.3 |  |  | 2,556.2 |
Gain on sale of assets |  | — |  |  | — |  |  | (2.5) |  |  | — |  |  | (11.5) |  |  | (14.0) |
Loss on extinguishment of debt |  | — |  |  | — |  |  | 18.1 |  |  | — |  |  | — |  |  | 18.1 |
Other (income) expense |  | (10.3) |  |  | (24.8) |  |  | (1.4) |  |  | (29.3) |  |  | 24.2 |  |  | (41.6) |
Income before income taxes |  | $ | 4,812.8 |  |  | $ | 86.5 |  |  | $ | 146.6 |  |  | $ | 364.6 |  |  | $ | (54.2) |  |  | $ | 5,356.3 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 63.1 |  |  | $ | 5.1 |  |  | $ | 2.2 |  |  | $ | 1.7 |  |  | $ | 10.0 |  |  | $ | 82.1 |
Cash provided by (used in) operating activities |  | $ | 1,239.8 |  |  | $ | (410.0) |  |  | $ | (303.1) |  |  | $ | (195.8) |  |  | $ | 203.5 |  |  | $ | 534.4 |
_____________ (1)Amounts include the results of the Company’s other businesses, reconciling amounts between segment and consolidated balances and the elimination of intercompany transactions. (2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
Homebuilding Inventories by Reporting Segment (1) | September 30,
2023 |  | 2022
| (In millions)
Northwest | $ | 1,907.5 |  |  | $ | 1,802.2 |
Southwest | 3,133.0 |  |  | 2,801.7 |
South Central | 3,810.5 |  |  | 3,931.7 |
Southeast | 3,958.5 |  |  | 4,091.1 |
East | 3,024.7 |  |  | 2,542.7 |
North | 2,078.0 |  |  | 1,935.7 |
Corporate and unallocated (2) | 243.6 |  |  | 219.3 |
| $ | 18,155.8 |  |  | $ | 17,324.4 |
______________________________________________ (1)Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers. (2)Corporate and unallocated consists primarily of homebuilding capitalized interest and property taxes.
Homebuilding Results by Reporting Segment | Year Ended September 30, |  |  |  |  |
2023 |  | 2022 |  | 2021 |  |  |  |  |
| (In millions) |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |
Northwest | $ | 2,582.4 |  |  | $ | 2,658.4 |  |  | $ | 2,516.6 |  |  |  |  |  |
Southwest | 4,282.8 |  |  | 4,840.7 |  |  | 4,071.0 |  |  |  |  |  |
South Central | 7,612.6 |  |  | 8,192.3 |  |  | 6,111.2 |  |  |  |  |  |
Southeast | 8,760.8 |  |  | 7,951.2 |  |  | 7,079.6 |  |  |  |  |  |
East | 5,325.3 |  |  | 5,318.1 |  |  | 4,459.0 |  |  |  |  |  |
North | 3,179.3 |  |  | 2,962.4 |  |  | 2,340.2 |  |  |  |  |  |
| $ | 31,743.2 |  |  | $ | 31,923.1 |  |  | $ | 26,577.6 |  |  |  |  |  |
Inventory and Land Option Charges |  |  |  |  |  |  |  |  |  |
Northwest | $ | 6.6 |  |  | $ | 7.0 |  |  | $ | 0.6 |  |  |  |  |  |
Southwest | 11.3 |  |  | 6.3 |  |  | 3.0 |  |  |  |  |  |
South Central | 7.6 |  |  | 9.9 |  |  | 5.3 |  |  |  |  |  |
Southeast | 14.6 |  |  | 13.5 |  |  | 10.2 |  |  |  |  |  |
East | 8.4 |  |  | 12.1 |  |  | 2.4 |  |  |  |  |  |
North | 12.2 |  |  | 8.4 |  |  | 3.4 |  |  |  |  |  |
| $ | 60.7 |  |  | $ | 57.2 |  |  | $ | 24.9 |  |  |  |  |  |
Income before Income Taxes (1) |  |  |  |  |  |  |  |  |  |
Northwest | $ | 391.1 |  |  | $ | 560.8 |  |  | $ | 510.8 |  |  |  |  |  |
Southwest | 489.3 |  |  | 968.3 |  |  | 653.1 |  |  |  |  |  |
South Central | 1,388.3 |  |  | 1,910.7 |  |  | 1,150.2 |  |  |  |  |  |
Southeast | 1,711.1 |  |  | 1,918.5 |  |  | 1,371.9 |  |  |  |  |  |
East | 935.7 |  |  | 1,126.3 |  |  | 795.1 |  |  |  |  |  |
North | 350.8 |  |  | 456.3 |  |  | 331.7 |  |  |  |  |  |
| $ | 5,266.3 |  |  | $ | 6,940.9 |  |  | $ | 4,812.8 |  |  |  |  |  |
______________________________________________ (1)Expenses maintained at the corporate level consist primarily of homebuilding interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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